Franchise Trends for Success in 2019
As we say goodbye to 2018 and hello to 2019, it’s time to start looking at new business trends. What’s working, what’s not, and what lies ahead for business owners. Following these trends can allow you to remain successful as a franchisee. It can allow you to make an informed decision when choosing your company of choice, and to stay ahead of business changes as they arise in the future.
If you wait to make business changes until you see changes in the market, this often means that it’s too late. However, as an informed franchisee, you can actually foresee adjustments before they make a dent in your pocket book.
Take a look at these projected franchising trends for 2019. Take note of how they can affect your business, or how they might affect your choice at signing on with a certain type of franchise model.
Upcoming Trends to Look Out for in 2019:
Multi-Location Owners – More and more franchisees are taking on a second business location or beyond, owning three or more spots. This is true of those working in a single brand, or branching out into different companies. The trend is also not connected to a single town, but can be spread over several areas.
If you haven’t considered owning more than one franchise, know that this could be your future. It certainly isn’t required, however, it’s a great option for career growth. Who doesn’t want the ability to continually promote in years to come?
Credit Lines are Opening – With years of lending backlash due to economic downturn, potential business owners can see more availability in lending. This can mean finding an easier time in financing your upcoming franchise. It can also mean less paperwork or better loan rates (and therefore less money owed) for those who qualify for these lending options.
Websites and digital marketing are key – Brands are making millions online. By having a solid online presence, franchises in all industries are finding more customers, bringing in a wider audience base, and having massive visibility. Oftentimes franchises will host and maintain their own corporate websites, while local businesses manage their subsequent social media pages. However, this will change based on each particular franchise; talk to your brand about rules and expectations for digital marketing, just be sure to factor these steps into your marketing plans.
Franchises are being bought and sold – If you’re following the news, you know just how frequently chains are being purchased by bigger fish. Oftentimes it’s by a similar industry, though this is not a rule. In any case, it’s best to be aware that ownership has the ability to change, and what potential switch-ups could mean for your franchise. (The good news is everyone has the same goals – growth – so downsizing has yet to become an issue.
Single-owners vs. partnerships – Over half of franchise locations are owned by a single owner, leaving just over 40% that are ran by corporations to multi-partner setups. This is great news for either end of the spectrum – whether you want to become a franchisee on your own or will work with others on your team, you’ll be in good company. The key is to research either setup thoroughly so you’re well informed going into the franchise and how your business will run.
Mobile business and those selling online – This trend is certainly not new, but it is continuing to rise its way through the ranks. More and more franchises are working in a way that leads them to be more accessible, whether by driving and offering services on the spot, working remotely, or selling items online. Each of these methods allows businesses to have a wider reach with a lower overhead.
If you’re considering reaching your customers more readily, you might be in the market for a business with such capabilities.
Franchising is seeing ongoing growth as a whole, while specifics are adjusting year by year. To learn more about how these changes can affect your future business, or to get started with your franchise, contact one or more business and franchise opportunities on our website today.